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21096 : Nifty50 likely to face some resistance

21096 : Nifty50 likely to face some resistance

 

The Nifty index confronts a pivotal resistance at 21,096, a critical 1.618 Fibonacci threshold. This Fibonacci level holds substantial importance, often halting or redirecting price movements.

The 1.618 Fibonacci extension, derived from the Fibonacci sequence, signifies a powerful point of resistance or support in market trends. For the Nifty, breaching 21,096 implies a significant juncture. Such levels historically act as turning points, influencing market sentiment.

A breakthrough could signal bullish momentum, potentially triggering further upward movement. Failure to surpass this level might signal a reversal or some minor correction in the existing trend.

 

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